Alternatives To Real-Time Payments

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More consumers are looking for faster payment options. Near real-time or instantaneous payments can be delivered with smart payment infrastructure services offered by Sila. 

Read on to learn more about real time payments (RTPs), what Sila offers, and alternatives to RTP.

What are Real time Payments?

Real time payment options (RTP) were introduced by the US, Nacha Clearing House for eligible financial institutions to issue real-time payments platforms for federally insured US depository institutions.

RTP payments increase funds transfer speeds and increase the options for enhancing digital services for consumers and customers for US money sending networks. 

These payments are, as the name suggests, initiated nearly instantaneously – meaning 24/7/365 access as opposed to waiting the standard transfer times issued by banks (i.e., multiple banking business days for funds to transfer).

What Are Other Ways to Send Money in Real Time?

While sending money in actual real time is not realistic, there are other ways to send money with severe amounts of expediency, including near-real time. 

Through the RTP network, businesses can send money nearly instantaneously. These include same-day ACH transfers, real-time payments, and push to card. Advocated by the US Faster Payments Council and the Federal Reserve Bank, these real time payments, and real time payments alternatives, provide more consumers with the means to access funds without waiting for days.   

Allowing instant payment is a great way to make consumers happier!

Benefits of Adding RTP to Your Fintech App

Real time payments are simply what consumers are looking for. Right now, access to open banking and real banking funds is immensely important, especially in areas where financial infrastructure from the government is poor or limited. 

Fintech app developers are continuing to build new apps every day, and increase the ways that even Americans can send money. By tapping into RTP payments, or alternatives, then you are giving consumers access to fast, affordable open banking and speed funds flows.

RTP will:

RTP can also be a part of your financial automation package, allowing automated financial contracts to be completed in near real time.

How Alternative Payment Methods Can Move Payments in Near Real-time

Our current financial system relies on numerous payment methods, payment infrastructure, and a complex network of banking and payment services to send money all over the US and the world. 

With the explosion in fintech, more people are looking to alternative payment methods, such as those payments that are not debit cards or credit cards to send money. These alternatives include electronic funds transfers (EFTs), bank transfers, direct debits, e-wallets, mobile transfers, prepaid cards, store cards, and crypto transfers. 

With the rise in alternative payments, we are able to move money faster. So, in addition to sending and receiving money with credit cards and debit cards, alternative payment methods can also be applied to financial technologies for expedited payments, improved customer identity verification, and improved risk assessment, increasing the number of uses for alternative payments and the ability to move them faster. 

Think of smart contracts, for example. Smart contracts are contracts built using the Ethereum blockchain network and can complete contract agreements in a matter of seconds, allowing for more than financial automation but contract automation. 

Instant settlement and iACH are also facilitated by alternative payment methods. These services can be applied to alternative payment methods and leveraged in unprecedented ways. 

Leveraging Real Time Payments for Growth

Real times payments are possible with Sila’s payments infrastructure. By tapping into our access to RTP payments, ACH transactions, and core banking infrastructure, you can provide your consumers with fast money transfers for banking accessibility and open banking. 

Send instant payments with Sila’s Instant Settlement, Push to Card, and iACH